26.11.2015 - Blackstone sells London NYC to Abu Dhabi fund for $382M
The Abu Dhabi Investment Authority, the nation’s sovereign wealth fund, has added to its portfolio of Manhattan hotels. The fund paid $382 million, or $678,000 per room, to the Blackstone Group for the leasehold for the 563-key London NYC Hotel at 151 West 54th Street, between Sixth and Seventh avenues in Midtown. Of that total, $194 million paid for the property itself, with the remaining $154 million made on the building’s debt. As per the lease agreement, the ADIA will pay $157 million to the Sol Goldman estate through 2136. Roy March, Larry Wolfe and Mark Schoenholtz of Eastdil Secured represented Blackstone in the deal...............................................Full Article: Source
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